One of the largest gold loan lenders, Manappuram General Leasing and Finance intends to start 300 retail lending stores in central and western parts of India by the end of this financial year.
The number of retail outlets that Manappuram General Leasing and Finance has presently is 1,300, which it plans to raise to 1,600 by the end of this fiscal. Out of these, the company has already opened 300 extra stores in the country over the last 6 months.
About 90% of the company’s overall business is derived from the 4 southern states viz. Kerala, Andhra Pradesh, Karnataka and Tamil Nadu.
But now the company plans to expand its base all over India and reach a lending objective of Rs 7000 crore by the end of this fiscal.
The company is presently functioning in 16 Indian states with West Bengal, Orissa, Punjab, Maharashtra just added.